Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle.

Small businesses might maximize tax benefits by using multiple vehicles for business purposes. This is particularly true when

• • the vehicles are

When enacted, the Affordable Care Act (ACA) eliminated most small business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners chose health savings accounts (HSAs) or opted to provide no health coverage at all.

As of … Read More

Say you have a friend who moved to the U.S. from Greece. Here is a high-level look at eight tax considerations your friend needs to know:

1. Tax residency. A foreign individual’s income tax obligation in the U.S. hinges on their

When dealing with corporate advances, make sure there is paperwork differentiating whether it is a loan, dividend, or salary to the owner. If you operate your business as a C or an S corporation, and if you loan money to … Read More

Many employees take opportunities to live and work in various parts of the world but may have concerns about their U.S. tax obligations for working or living abroad.

We want to alert you to the tax implications you might encounter … Read More

If you are thinking about offering your employees the new individual coverage health reimbursement arrangement (ICHRA for small businesses), take a moment to read the insights below.

Class size rule. You face the class size rule only if you offer … Read More

The distinction between repair expenses and improvement costs can impact your tax benefits. it is important to know the difference between the tax benefits you can receive. You can make repairs to your business building, or make improvements (classified as … Read More

As a small employer (fewer than 50 employees), you should consider the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA health plan) as a good way to help your employees with their medical expenses.

If the QSEHRA is indeed going to … Read More

Here’s some crucial information on how to document expenses during business travel.

Corporation or proprietorship? If you operate as a corporation, the corporation should reimburse you for the travel expenses or pay for them directly. Remember, you can’t deduct employee … Read More

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is employing your spouse.

But the tax savings may be a … Read More